Jacksons risked all for stuff

Why would a couple risk so much - respect and even their freedom - for furs, furniture and a fedora?

By Michelle Singletary

recordnet.com

By Michelle Singletary

Posted Feb. 20, 2013 at 12:01 AM

By Michelle Singletary
Posted Feb. 20, 2013 at 12:01 AM

» Social News

Why would a couple risk so much - respect and even their freedom - for furs, furniture and a fedora?

This was the question that came to my mind when I read the federal charges against Jesse L. Jackson Jr., the former congressman from Illinois. He's charged with conspiracy, making false statements, and mail and wire fraud. In all, he's accused of misusing about $750,000 in private campaign funds. Jackson's wife, Sandra Stevens Jackson, who resigned her seat on the Chicago City Council, reached an agreement with the U.S. Attorney's Office to plead guilty to one count of tax fraud.

Part of what I do is help people understand the often-complicated issues we have to deal with when it comes to our money. But I also like to explore the mess people get themselves into when they don't have the money to buy the things they want. Most often they get into mind-boggling debt. If Jackson takes a plea deal as has been reported, he has lost so much, and for what? Stuff.

Was Jackson, the son of civil rights activist Jesse L. Jackson, trying to appear wealthy by any means necessary? Were the Jacksons eager to impress their more wealthy colleagues or the people who run with them in their circle of power and privilege?

For many people, it can be hard to resist the urge to pretend you're rich when you're around so many people who are truly wealthy. Not an excuse, just an observation.

But "legislators range from the super-rich to the deep-in-debt, from inherited wealth to married wealth to no wealth at all," according to an examination of congressional finances by The Washington Post. "You would find that, contrary to many popular perceptions, lawmakers don't get rich by merely being in Congress."

Ironically, Jackson and his father in 1999 co-authored a book on personal finance, "It's About the Money!: How You Can Get Out of Debt, Build Wealth, and Achieve Your Financial Dreams." "Many of our churches breed material needs, as do many of our public schools, with peer pressure to buy expensive clothing," the Jacksons wrote.

At least the Jacksons are showing remorse. Although Jackson took a medical leave last summer for treatment of bipolar disorder, his statement following the federal charges indicated a man blaming not his illness but bad judgment.

There's a lesson in the downfall of the Jacksons that none of us should miss. It's important to recognize when you have real net worth that allows you to buy extravagant stuff and when you're living beyond your means.

Before you pass judgment on the Jacksons, think about the mess you might have made of your finances or the financial follies of people you know. It might not be a crime to get what you want (not what you need), but acting as if you are rich without being able to afford it can ruin your life.

Contact Michelle Singletary, a personal finance columnist at The Washington Post, at singletarym@washpost.com.